MALIBU—The Woolsey fires in November 2018 which damages hundreds of homes and destroyed over 1600 properties in the Los Angeles and Ventura counties. Over 450 homes in the city of Malibu were destroyed during the Woolsey Fire, with 750 homes in the surrounding area were destroyed by the flames.
“Although the fire has shaken the community, people are re-energized and those who lost homes want to come back home,” said Chris Cortazzo, Coldwell Banker Global Luxury, sales associate, Coldwell Banker Malibu to Variety. “Prices haven’t retreated at all,” added Cortazzo. Cortazzo expects a busy spring while leases continue to command a premium. The eastern side of Malibu was the least impacted by the fires and has become desirable for renters and buyers. The largest impact for real estate inventory in Malibu has been the availability of homes for lease.
“Prices have maintained,” said Madison Hildebrand, president of the Malibu Life team, Compass, Malibu Cross Creek to Variety. “People want to stay in Malibu but away from construction and clean up,” Hildebrand adds.
The city of Malibu requires all properties be cleared of any hazardous material and inspected before any rebuilding can transpire. Homeowners must abide by current city codes including updated fire regulations for properties. In addition to fire department regulations, homeowners must also abide by codes regarding water pressure and must update driveways and street turnarounds.
The city of Malibu has established a website to assist homeowners to follow the current building codes.